National News

Fake Bank Scamming Victims Out of Hundreds

by Ruth Brown, Newser Staff

(NEWSER) – A new scam is bilking people looking to rebuild their credit rating out of hundreds of dollars by offering semi-secured credit cards then pocketing their deposits, TheStreet reports. The Treasury has sent a letterto US bank executives and federal and state regulators warning them of the scam, run by an outfit named Freedom Gold Club, which claims to be associated with a bank called Freedom 1st National Bank—which doesn't exist—and also sometimes Credit One Bank, N.A., which does exist but isn't actually involved.